FORMULA 1

Lewis Hamilton offered £60 million contract extension – reports

Lewis Hamilton Verstappen

Mercedes driver Lewis Hamilton has a contract with his team that ends this year.

Mercedes star driver and seven-time world Champion Lewis Hamilton is yet to announce his next step. The Briton has already expressed his feelings to race for more time. Further, Mercedes boss Toto Wolff has also indicated that a contract extension would take only a “few hours”.

Nevertheless, a new report indicates that Lewis Hamilton has signed a new contract with the Brackley-based squad. Here are some of the rumored details of the new contract.

According to reports, the contract offers a salary of €70 million (£62 million) per season to Hamilton. His current deal gets him a salary of €45 million (£40 million). However, his new contract would not offer him a bonus of €25 million (£22 million) for winning the world championship which exists in his current contract.

The new contract is expected to be for two years. This will see Hamilton racing in his 40s with the Silver Arrows.

Another source indicates that a large part of this salary will be paid by Mercedes sponsor Ineos – the company of British billionaire Jim Ratcliffe. They have a long-time relationship both in and away from F1.

Other than the financial and F1 side of the deal, it is reported that the seven-time world champion is also seeking an ambassadorial role. A 10-year deal with the Daimler Group (Mercedes-Benz) for a reported worth of 25 million euros per year.

All these are still in rumors as a deal was expected to come during the winter break. However, Hamilton is training in Antarctica right now.

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